Westgate district for sale
The Westgate Entertainment District in Glendale is for sale — listed at $142 million — but people who go there on game days may not even notice.
The Westgate Entertainment District in Glendale is up for sale, but what will it mean to the crowds who flock there before sporting events or on weekends? Probably not much.
CBRE Vice President Jesse Goldsmith, one of the property’s brokers, said Westgate business owners shouldn’t notice a managerial change, promising to find the best owner for the job.
The asking price is $142 million and Goldsmith said he expects to close a sale this summer.
iStar Financial Inc. has owned the commercial hub sprawled across nearly 47 acres near Loop 101 and Glendale Avenue since 2011. The company repossessed the property when the original developer, Ellman Cos., defaulted on loan payments. iStar failed to sell Westgate at a foreclosure auction so held onto it as the region fought its way out of the recession.
In 2012, iStar landed Tanger Outlets as a third anchor beyond Gila River Arena and University of Phoenix Stadium, offering more consistent crowds than hockey and football games. Dave & Buster’s and multiple other restaurants and office tenants opened at Westgate in the ensuing years.
iStar recently opened loft-style apartments at Westgate, which Goldsmith says are on target to reach full occupancy by early July rather than by year’s end as originally projected.
Development also has expanded to the area fronting Glendale Avenue with a Dutch Bros. Coffee recently opening, and other restaurant and entertainment options coming.
With Ikea and Topgolf building their first West Valley locations in the surrounding area, the entertainment district’s reach has never been longer. next?
Chip Mahoney, general manager of Bar Louie, said he had a good relationship with iStar since joining Westgate in 2016 and hopes for more of the same.
“The management group that has run Westgate has been great,” he said.
Phoenix resident Kristain Hale brought his young daughter to Westgate on a recent afternoon to play in the splash pad area. Hale said he likes Westgate’s the restaurants, but hopes to see more kid-friendly options.
“(Westgate) is mainly a bunch of pubs and taverns and stuff like that,” Hale said.
Glendale resident Gabriel Guerrero called Westgate a fun place to hang out with friends, and couldn’t think of anything the area’s missing.
The development boom is a stark contrast to Westgate’s early years. The optimism at Westgate’s grand opening in 2006 evaporated when the Great Recession hit. With the economic upswing, iStar may finally get its buyer.